UAE's Etisalat outlines $8 billion borrowing plan

DUBAI: Emirati telecommunications provider Etisalat says it could soon borrow up to $8 billion as it moves ahead with plans to buy a big stake in Kuwaiti rival Zain.

Etisalat said Thursday it plans to issue as much as $7 billion worth of medium-term bonds and another $1 billion in Islamic financial instruments known as sukuk. It says the announcement doesn't imply the bonds and sukuk are being issued now, but lays the groundwork for future borrowing.

Abu Dhabi-based Etisalat says the debt plan will help it access a ``large pool of global investors.''

The plans come as Etisalat moves ahead with efforts to buy a 46 per cent stake in Zain in a deal estimated to be worth about $12 billion.